Socialist Sees Truth -- for 17 Seconds
Wednesday, September 23, 2026
John Stossel reports that rent control -- a cause leftists embrace as steadfastly and baselessly as Trump does tariffs -- recently experienced a setback in St. Paul, Minnesota:
So what's happening now in St. Paul, four years after its clueless politicians imposed strict rent control?This follows as the predictable climax to the earlier part of his column, where Stossel recounts why rent control fails.
There was so little new construction that the politicians rolled most rent control back.
Based on how many times this "experiment" has been run with unambiguous results and the simplicity of the economic laws at play, one would imagine that rent control does not work would fall into the realm of common sense.
Except that -- as Stossel demonstrates in amusing fashion even if he doesn't make the point explicit -- altruism unfortunately (albeit wrongly) holds that position and displaces the plain truth in the event of a conflict:
At least St. Paul has a "Twin City," Minneapolis, so frustrated builders could move just a few blocks and build something there. They did just that. Construction increased there.Ayn Rand, who argued both that altruism is immoral and that capitalism is a moral system, would have felt vindicated by the socialist stopping dead in her tracks at that moment of clarity, and then reaching for what she viewed as a get-out-of-jail-free card -- namely that a profession of concern for others is a moral trump card that supersedes any concern with facts.
Minneapolis politicians had also voted for rent control, but they were wary about imposing it. That was smart, since new housing collapsed in St. Paul.
But Minneapolis City Council member Aisha Chughtai was unconvinced. She wants more rent control, telling me, "You don't have a city" if people "can't afford to live there."
I pushed back: "The way you have a city is if people build apartments and houses. That's what eventually brings the price down ... Builders still build in Minneapolis -- building permits were up ... But in St. Paul, they're down 60% because of rent control! You're not going to get more apartments by pushing this."
Her response was something new for me after 50 years interviewing people: 17 seconds of silence! Finally, she said: "Guaranteeing housing for people and making sure that they can stay in their homes matters more than anything else."
Until Rand's identification of the nature of capitalism and its moral defense become much more widely known, politicians like Chughtai will feel free to ignore obvious economic truths in the service of their immoral and impractical causes.
-- CAV